Far too often in this space I have had to upbraid companies for lavishing gilded pay packages on undeserving executives – those who gained while investors lost, those who profited while workers paid and those who gave lip service to safety.

Now, finally, for the first time since 2010′s Deepwater Horizon disaster, we see the board of a major oil company holding executives accountable for safety.

By most accounts, last year was a good one for John Watson. As chief executive of Chevron, he oversaw the second-highest profit in his company’s history. Earnings growth outpaced other major oil companies, as did shareholder returns.

Chevron’s board, however, wasn’t entirely pleased. It showed it by dinging Watson’s pay and that of other top executives.

The reason: The San Ramon, Calif.-based company had several accidents around the world last year.